FTAI Infrastructure Inc
For the period ended Jun 30, 2024. Filed Aug 2, 2024.
View on SEC.govAbout this filing
A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Jun 30, 2024 · Filed Aug 2, 2024
FIP$3.47+18.0%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2024-03-31; filed 2024-05-10.
0001899883-24-000022
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2024-06-30; filed 2024-08-02.
0001899883-24-000030
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 125 previous paragraphs and 156 current paragraphs.
45 unchanged; 53 reworded; 51 added; 25 removed; 2 previous and 7 current paragraphs rearranged.
Tables are not compared: 15 previous and 15 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (51)
Current report
Comparison of the three and six months ended June 30, 2024 and 2023
Current report
(2)Includes the following items for the three months ended June 30, 2024 and 2023: (i) net loss of $(12,838) and $(1,660), (ii) interest expense of $11,182 and $8,304, (iii) depreciation and amortization expense of $8,050 and $7,967, (iv) acquisition and transaction expenses of $31 and $237, (v) changes in fair value of non-hedge derivative instruments of $(3,875) and $(7,963), (vi) equity-based compensation of $1 and $1, (vii) asset impairment of $163 and $—, (viii) equity method basis adjustments of $16 and $— and (ix) other non-recurring items of $478 and $—, respectively. Includes the following items for the six months ended June 30, 2024 and 2023: (i) net (loss) income of $(24,780) and $2,658, (ii) interest expense of $22,075 and $16,336, (iii) depreciation and amortization expense of $13,180 and $13,633, (iv) acquisition and transaction expenses of $50 and $257, (v) changes in fair value of non-hedge derivative instruments of $(1,822) and $(17,810), (vi) equity-based compensation of $2 and $2, (vii) asset impairment of $250 and $—, (viii) equity method basis adjustments of $32 and $— and (ix) other non-recurring items of $478 and $—, respectively.
Current report
(4) Includes the following items for the three months ended June 30, 2024 and 2023: (i) equity-based compensation of $268 and $76, (ii) (benefit from) provision for income taxes of $(142) and $35, (iii) interest expense of $2,639 and $1,880, (iv) depreciation and amortization expense of $3,387 and $2,944, (v) acquisition and transaction expense of $3 and $8, (vii) interest and other costs on pension and OPEB liabilities of $— and $1, (viii) asset impairment of $— and $2 and (ix) loss on modification or extinguishment of debt of $2,150 and $—, respectively. Includes the following items for the six months ended June 30, 2024 and 2023: (i) equity-based compensation of $699 and $186, (ii) (benefit from) provision for income taxes of $(276) and $88, (iii) interest expense of $4,828 and $3,737, (iv) depreciation and amortization expense of $6,581 and $6,080, (v) changes in fair value of non-hedge derivative instruments of $— and $61, (vi) acquisition and transaction expense of $3 and $8, (vii) interest and other costs on pension and OPEB liabilities of $2 and $2, (viii) asset impairment of $— and $2, (ix) loss on modification or extinguishment of debt of $2,150 and $— and (x) other non-recurring items of $— and $3, respectively.
Current report
Comparison of the three months ended June 30, 2024 and 2023
Current report
Terminal services revenues increased $3.4 million primarily duean increase in average crude oil throughput volumes in the Jefferson Terminal segment.
Current report
Total revenues increased $9.1 million primarily due to higher revenues of $8.4 million in the Railroad segment, $3.6 million in the Jefferson Terminal segment and $5.4 million in the Repauno segment, offset by lower revenues of $8.3 million in the Corporate and Other segment.
Current report
Comparison of the three months ended June 30, 2024 and 2023
Current report
Operating expenses decreased $1.6 million which primarily reflects:
Current report
•an increase of $1.4 million in the Railroad segment mainly due to increased car loads.
Current report
Asset impairment decreased $0.6 million primarily due to impairment for certain scrap assets in the Railroad segment in 2023.
Current report
Total expenses decreased $1.2 million, primarily due to decreased operating expenses, partially offset by increase in acquisition and transaction expenses.
Current report
Operating expenses decreased $2.1 million which primarily reflects:
Current report
•a decrease of $9.3 million due to decreased roadside services at FYX; partially offset by
Current report
•an increase of $4.7 million primarily due to costs associated with stock-based compensation, as well as insurance and higher labor and other costs associated with increased terminal throughput activity in the Jefferson Terminal segment; and
Current report
•an increase of $1.1 million in the Railroad segment mainly due to increased car loads.
Current report
Total other expense increased $21.0 million during the three months ended June 30, 2024 which primarily reflects:
Current report
•an increase in loss on modification or extinguishment of debt of $9.2 million in the Jefferson Terminal segment;
Current report
•an increase of $11.2 million in equity in losses of unconsolidated entities primarily due to a decrease in unrealized gains on power swaps at Long Ridge; and
Current report
•a gain on sale of land recognized in the prior year of$0.8 million in the Jefferson Terminal segment; partially offset by
Current report
Total other expense increased $39.4 million during the six months ended June 30, 2024 which primarily reflects:
Current report
•an increase of $27.4 million in equity in losses of unconsolidated entities primarily due to a decrease in unrealized gains on power swaps at Long Ridge;
Current report
•an increase in loss on modification or extinguishment of debt of $9.2 million in the Jefferson Terminal segment; and
Current report
•a gain on sale of land recognized in the prior year of $0.7 million in the Jefferson Terminal segment; partially offset by
Current report
Net loss increased $14.3 million and $28.7 million during the three and six months ended June 30, 2024, respectively, primarily due to the changes noted above.
Current report
Adjusted EBITDA increased $6.6 million and $11.9 million during the three and six months ended June 30, 2024, respectively, primarily due to the changes noted above.
Current report
Total expenses increased $0.5 million during the three months ended June 30, 2024, which primarily reflects an increase in operating expenses of $1.4 million mainly due to increased car loads, partially offset by impairment of $0.6 million for certain scrap assets in 2023.
Current report
Other income (expense)
Current report
(1) Includes the following items for the three months ended June 30, 2024 and 2023: (i) depreci ation and amortization expense of $12,300 and $12,144 and (ii) capitalized contract costs amortization of $1,433 and $—, respectively. Includes the following items for the six months ended June 30, 2024 and 2023: (i) depreciation and amortization expense of $24,630 and $24,013 and (ii) capitalized contract costs amortization of $2,009 and $—, respectively.
Current report
(2) Includes the following items for the three months ended June 30, 2024 and 2023: (i) equity-based compe nsation of $259 and $71, (ii) (benefit from) provision for income taxes of $(143) and $35, (iii) interest expense of $2,623 and $1,844, (iv) depreciation and amortization expense of $3,219 and $2,808, (v) acquisition and transaction expense of $2 and $8 and (vi) loss on modification or extinguishment of debt of $2,150 and $—, respectively. Includes the following items for the six months ended June 30, 2024 and 2023: (i) equity-based compensation of $671 and $173, (ii) (benefit from) provision for income taxes of $(273) and $81, (iii) interest expense of $4,803 and $3,667, (iv) depreciation and amortization expense of $6,246 and $5,552, (v) acquisition and transaction expense of $2 and $8 and (vi) loss on modification or extinguishment of debt of $2,150 and $—, respectively.
Current report
Total revenues increased $4.1 million and $3.6 million during the three and six months ended June 30, 2024, respectively, due to an increase in average crude oil throughput volumes.
Current report
Total expe nses increased $2.1 million during the three months ended June 30, 2024 which primarily reflects:
Current report
•an increase in operating expenses of $2.0 million primarily due to costs associated with stock-based compensation, as well as insurance and higher labor and other costs associated with increased terminal throughput activity; and
Current report
•an increase in operating expenses of $4.7 million primarily due to costs associated with stock-based compensation, as well as insurance and higher labor and other costs associated with increased terminal throughput activity; and
Current report
Other income (expense)
Current report
Total other expense increased $9.2 million during the three months ended June 30, 2024, which primarily reflects a $9.2 million loss on modification or extinguishment of debt, an increase in interest expense of $3.2 million related to additional borrowings during the quarter and a $0.7 million gain on sale of land recognized in the prior year, partially offset by a $3.5 million gain from the grant of a pipeline easement.
Current report
Adjusted EBITDA increased $5.2 million and $5.5 million during the three and six months ended June 30, 2024, respectively, primarily due to the changes noted above.
Current report
Adjusted EBITDA increased $0.1 million and and $3.3 million during the three and six months ended June 30, 2024, respectively, primarily due to the changes noted above.
Current report
(1) Includes the following items for the three months ended June 30, 2024 and 2023: (i) net (loss) income of $(7,353) and $1,639, (ii) interest expense of $9,465 and $7,378, (iii) depreciation and amortization expense of $7,359 and $7,641, (iv) acquisition and transaction expenses of $31 and $237, (v) changes in fair value of non-hedge derivative instruments of $(3,875) and $(7,963), (vi) equity-based compensation of $1 and $1, (vii) asset impairment of $163 and $—, (viii) equity method basis adjustments of $16 and $— and (ix) other non-recurring items of $478 and $—, respectively. Includes the following items for the six months ended June 30, 2024 and 2023: (i) net (loss) income of $(14,406) and $9,400, (ii) interest expense of $18,675 and $14,612, (iii) depreciation and amortization expense of $11,808 and $12,981, (iv) acquisition and transaction expenses of $50 and $257, (v) changes in fair value of non-hedge derivative instruments of $(1,822) and $(17,810), (vi) equity-based compensation of $2 and $2, (vii) asset impairment of $250 and $—, (viii) equity method basis adjustments of $32 and $— and (ix) other non-recurring items of $478 and $—, respectively.
Current report
Total other expense increased $7.7 million during the three months ended June 30, 2024 which reflects:
Current report
Total other expense increased $21.4 million during the six months ended June 30, 2024 which reflects:
Showing the first 40 of 51 passages. Open the source sections for the rest.
Removed paragraphs (25)
Previous report
(2)Includes the following items for the three months ended March 31, 2024 and 2023: (i) net (loss) income of $(11,942) and $4,318, (ii) interest expense of $10,893 and $8,032, (iii) depreciation and amortization expense of $5,130 and $5,666, (iv) acquisition and transaction expenses of $19 and $20, (v) changes in fair value of non-hedge derivative instruments of $2,053 and $(9,847), (vi) equity-based compensation of $1 and $1, (vii) asset impairment of $87 and $— and (viii) equity method basis adjustments of $16 and $—, respectively.
Previous report
(4) Includes the following items for the three months ended March 31, 2024 and 2023: (i) equity-based compensation of $431 and $110, (ii) (benefit from) provision for income taxes of $(134) and $53, (iii) interest expense of $2,189 and $1,857, (iv) depreciation and amortization expense of $3,194 and $3,136, (v) changes in fair value of non-hedge derivative instruments of $— and $61, (vi) interest and other costs on pension and OPEB liabilities of $2 and $1 and (vii) other non-recurring items of $— and $3, respectively.
Previous report
Operating expenses decreased $0.6 million which primarily reflects:
Previous report
•a decrease of $0.5 million in fuel costs in the Railroad segment; partially offset by
Previous report
Total other expense increased $18.4 million during the three months ended March 31, 2024 which primarily reflects:
Previous report
Net loss increased $14.4 million during the three months ended March 31, 2024 primarily due to the changes noted above.
Previous report
Total expenses decreased $0.6 million during the three months ended March 31, 2024, which primarily reflects a decrease in operating expenses of $0.4 million mainly due to lower fuel costs.
Previous report
(2) Includes the following items for the three months ended March 31, 2024 and 2023: (i) equity-based compensation of $412 and $102, (ii) (benefit from) provision for income taxes of $(130) and $46, (iii) interest expense of $2,180 and $1,823 and (iv) depreciation and amortization expense of $3,027 and $2,744, respectively.
Previous report
Total revenues decreased $0.5 million during the three months ended March 31, 2024 due to a decrease in average crude oil throughput volumes.
Previous report
Total expenses increased $3.2 million during the three months ended March 31, 2024 which primarily reflects:
Previous report
•an increase in operating expenses of $2.7 million primarily due to costs associated with stock-based compensation, insurance, higher labor and other costs associated with increased terminal throughput activity; and
Previous report
Adjusted EBITDA increased $0.3 million during the three months ended March 31, 2024 primarily due to the changes noted above.
Previous report
Adjusted EBITDA increased $3.2 million during the three months ended March 31, 2024 primarily due to the changes noted above.
Previous report
(1) Includes the following items for the three months ended March 31, 2024 and 2023: (i) net (loss) income of $(7,053) and $7,761, (ii) interest expense of $9,210 and $7,234, (iii) depreciation and amortization expense of $4,449 and $5,340, (iv) acquisition and transaction expenses of $19 and $20, (v) changes in fair value of non-hedge derivative instruments of $2,053 and $(9,847), (vi) equity-based compensation of $1 and $1, (vii) asset impairment of $87 and $— and (viii) equity method basis adjustments of $16 and $—, respectively.
Previous report
Total other expense increased $13.7 million during the three months ended March 31, 2024 which reflects:
Previous report
(1) Includes the following items for the three months ended March 31, 2024 and 2023: (i) net loss of $(4,874) and $(3,419), (ii) interest expense of $1,674 and $777 and (iii) depreciation and amortization expense of $681 and $326, respectively.
Previous report
Adjusted EBITDA decreased $0.1 million during the three months ended March 31, 2024 primarily due to the changes noted above.
Previous report
(1) Includes the following items for the three months ended March 31, 2024 and 2023: (i) net loss of $(15) and $(24) and (ii) interest expense of $9 and $21, respectively.
Previous report
(2) Includes the following item for the three months ended March 31, 2024 and 2023: (i) depreciation and amortization expense of $— and $260.
Previous report
Total revenues decreased $4.3 million during the three months ended March 31, 2024 primarily due to a decrease in roadside services at FYX.
Previous report
Total expenses decreased $2.2 million during the three months ended March 31, 2024 which primarily reflects:
Previous report
•a decrease in operating expenses of $4.4 million due to a decrease in roadside services at FYX; and
Previous report
The liquidity required to fund our working capital, capital expenditures and other cash needs is provided from a combination of internally generated cash flows and external debt financing.
Previous report
On April 2, 2024, Jefferson Terminal entered into a credit agreement, providing for a $75.0 million term loan facility, which matures at the earlier of (i) December 13, 2024 or (ii) 30 days prior to the date on which the first cash dividend payment on preferred equity is paid, and bears interest at the Applicable Margin of 4.00% plus Adjusted Term SOFR. The proceeds will be used for general corporate purposes.
Previous report
As discussed in Note 2 to the consolidated financial statements, in performing the first step of the evaluation under ASC 205-40, management concluded that the Company’s current liquidity and forecasted cash flows from operations are not sufficient to support, in full, the repayments of Jefferson Terminal’s $75.0 million credit agreement due on December 13, 2024 and Taxable Series 2020B Bonds totaling $79.1 million that mature on January 1, 2025 and dividend payments on Series A Preferred Stock. In performing the second step of this assessment, the Company evaluated whether it is probable that the Company’s plans will be effectively implemented within one year after the financial statements are issued and whether it is probable that those plans will alleviate the liquidity risk raised in the first step of the evaluation. Management has approved and began implementing a plan to alleviate liquidity risk by: (i) refinancing the Taxable Series 2020B Bonds and issuing new long-term, low-cost municipal bonds, including contributing additional unencumbered assets as collateral; and (ii) continuing to accrue paid-in-kind dividends on its Series A Senior Preferred Stock. On May 10, 2024, Jefferson Terminal announced an approximately $276 million municipal bond offering, and expects to close the offering in the coming weeks. If fully implemented, the Company will have sufficient liquidity to meet its obligations as they become due over the next twelve months from the date that the consolidated financial statements were issued.
Reworded paragraphs (53)
Previous wording
We expect to continue to invest in such market sectors, and pursue additional investment opportunities in other infrastructure businesses and assets we believe to be attractive and meet our investment objectives. Our team focuses on acquiring a diverse group of long-lived assets or operating businesses that provide mission-critical services or functions to infrastructure networks and typically have high barriers to entry, strong margins, stable cash flows and upside from earnings growth and asset appreciation driven by increased use and inflation. We believe that there are a large number of acquisition opportunities in our markets and that our Manager’s expertise and business and financing relationships, together with our access to capital and generally available capital for infrastructure projects in today’s marketplace, will allow us to take advantage of these opportunities. As of March 31, 2024, we had total consolidated assets of $2.3 billion and redeemable preferred stock and equity of $0.7 billion.
Current wording
We expect to continue to invest in such market sectors, and pursue additional investment opportunities in other infrastructure businesses and assets we believe to be attractive and meet our investment objectives. Our team focuses on acquiring a diverse group of long-lived assets or operating businesses that provide mission-critical services or functions to infrastructure networks and typically have high barriers to entry, strong margins, stable cash flows and upside from earnings growth and asset appreciation driven by increased use and inflation. We believe that there are a large number of acquisition opportunities in our markets and that our Manager’s expertise and business and financing relationships, together with our access to capital and generally available capital for infrastructure projects in today’s marketplace, will allow us to take advantage of these opportunities. As of June 30, 2024, we had total consolidated assets of $2.5 billion and redeemable preferred stock and equity of $0.6 billion.
Previous wording
Our reportable segments represent strategic business units comprised of investments in different types of infrastructure assets. We have five reportable segments which operate in infrastructure businesses across several market sectors, all in North America. Our reportable segments are (i) Railroad, (ii) Jefferson Terminal, (iii) Repauno, (iv) Power and Gas and (v) Sustainability and Energy Transition. The Railroad segment is comprised of six freight railroads and one switching company that provide rail service to certain manufacturing and production facilities, in addition to KRS, a railcar cleaning operation. The Jefferson Terminal segment consists of a multi-modal crude oil and refined products terminal, Jefferson Terminal South and other related assets. The Repauno segment consists of a 1,630-acre deep-water port located along the Delaware River with an underground storage cavern, a new multipurpose dock, a rail-to-ship transloading system and multiple industrial development opportunities. The Power and Gas segment is comprised of an equity method investment in Long Ridge, which is a 1,660-acre multi-modal terminal located along the Ohio River with rail, dock, and multiple industrial development opportunities, including a power plant in operation. The Sustainability and Energy Transition segment is comprised of Aleon/Gladieux, Clean Planet, and CarbonFree, and all three investments are development stage businesses focused on sustainability and recycling.
Current wording
Our reportable segments represent strategic business units comprised of investments in different types of infrastructure assets. We have five reportable segments which operate in infrastructure businesses across several market sectors, all in North America. Our reportable segments are (i) Railroad, (ii) Jefferson Terminal, (iii) Repauno, (iv) Power and Gas and (v) Sustainability and Energy Transition. The Railroad segment is comprised of six freight railroads and one switching company that provide rail service to certain manufacturing and production facilities, in addition to KRS, a railcar cleaning operation. The Jefferson Terminal segment consists of a multi-modal crude oil and refined products terminal, Jefferson Terminal South and other related assets. The Repauno segment consists of a 1,630-acre deep-water port located along the Delaware River with an underground storage cavern, a multipurpose dock, a rail-to-ship transloading system and multiple industrial development opportunities. The Power and Gas segment is comprised of an equity method investment in Long Ridge, which is a 1,660-acre multi-modal terminal located along the Ohio River with rail, dock, and multiple industrial development opportunities, including a power plant in operation. The Sustainability and Energy Transition segment is comprised of Aleon/Gladieux, Clean Planet, and CarbonFree, and all three investments are development stage businesses focused on sustainability and recycling.
Previous wording
On May 22, 2023, Fortress and Mubadala announced that they have entered into definitive agreements pursuant to which, among other things, certain members of Fortress management and affiliates of Mubadala will acquire 100% of the equity of Fortress that is currently indirectly held by SoftBank. After the closing of the transaction, Fortress will continue to operate as an independent investment manager under the Fortress brand, with autonomy over investment processes and decision making, personnel and operations.
Current wording
On May 14, 2024, certain members of Fortress management and affiliates of Mubadala Investment Company, through its wholly owned asset management subsidiary Mubadala Capital (“Mubadala”), completed their acquisition of 100% of the equity of Fortress. Fortress continues to operate as an independent investment manager under the Fortress brand, with autonomy over investment processes and decision making, personnel and operations.
Previous wording
(1)Includes the following items for the three months ended March 31, 2024 and 2023: (i) depreciation and amortization expense of $20,521 and $20,135 and (ii) capitalized contract costs amortization of $576 and $—.
Current wording
(1)Includes the following items for the three months ended June 30, 2024 and 2023: (i) depreciation and amortization expense of $20,163 and $20,292 and (ii) capitalized contract costs amortization of $1,433 and $—, respectively. Includes the following items for the six months ended June 30, 2024 and 2023: (i) depreciation and amortization expense of $40,684 and $40,427 and (ii) capitalized contract costs amortization of $2,009 and $—, respectively.
Previous wording
(3)Includes the following item for the three months ended March 31, 2023: Railroad severance expense of $1,288.
Current wording
(3)Includes the following item for the three and six months ended June 30, 2023: Railroad severance expense of $51 and $1,339, respectively.
Previous wording
Total revenues increased $6.0 million due to higher revenues of $5.3 million in the Railroad segment and $5.5 million in the Repauno segment, offset by lower revenues of $4.3 million in the Corporate and Other segment and $0.5 million in the Jefferson Terminal segment.
Current wording
Total revenues increased $3.1 million due to higher revenues of $3.1 million in the Railroad segment and $4.1 million in the Jefferson Terminal segment, offset by lower revenues of $4.0 million in the Corporate and Other segment and $0.1 million in the Repauno segment.
Previous wording
Roadside services revenue decreased $4.3 million due to the decline of roadside services for FYX.
Current wording
Roadside services revenue decreased $4.0 million due to the decline of roadside services for FYX.
Previous wording
Rail revenues increased $5.3 million primarily due to an increase in both carloads and rates per car.
Current wording
Rail revenues increased $3.1 million primarily due to an increase in both carloads and rates per car in the Railroad segment.
Previous wording
Terminal services revenues increased $2.7 million primarily due to the commencement of a butane throughput contract at Repauno in April 2023.
Current wording
Terminal services revenues increased $6.1 million primarily due to the commencement of a butane throughput contract at Repauno in April 2023, as well as an increase in average crude oil throughput volumes in the Jefferson Terminal segment.
Previous wording
Total expenses increased $2.0 million, primarily due to an increase in (i) acquisition and transaction expenses, (ii) general and administrative expenses and (iii) depreciation and amortization, partially offset by a decrease in operating expenses.
Current wording
Total expenses decreased $3.2 million, primarily due to a decrease in (i) operating expenses, (ii) general and administrative expenses and (iii) asset impairment.
Previous wording
•a decrease of $4.4 million due to decreased roadside services at FYX; and
Current wording
•a decrease of $4.9 million due to decreased roadside services at FYX; partially offset by
Previous wording
•an increase of $2.7 million primarily due to costs associated with stock-based compensation, insurance, higher labor and other costs associated with increased terminal throughput activity in the Jefferson Terminal segment; and
Current wording
•an increase of $2.0 million primarily due to costs associated with stock-based compensation, as well as insurance and higher labor and other costs associated with increased terminal throughput activity in the Jefferson Terminal segment; and
Previous wording
General and administrative expenses increased $1.7 million primarily due to higher professional fees in the Corporate and Other segment.
Current wording
General and administrative expenses decreased $0.9 million primarily due to lower professional fees in the Corporate and Other segment.
Previous wording
•an increase of $1.2 million in the Repauno segment which primarily reflects higher operating expenses due to costs associated with stock-based compensation, and an increase in labor costs and professional fees related to the continued development of the site.
Current wording
•an increase of $1.1 million due tocosts associated with stock-based compensation, and an increase in labor costs and professional fees related to the continued development of the site in the Repauno segment;
Previous wording
Acquisition and transaction expenses increased $0.7 million associated with professional fees for a potential acquisition in the Corporate and Other segment.
Current wording
Acquisition and transaction expenses increased $0.9 million primarily due to professional fees for a potential acquisition at the Corporate and Other segment.
Previous wording
•an increase in interest expense of $4.3 million primarily due to an increase in the average outstanding debt of approximately $71.0 million which consists of (i) $100.6 million for the Senior Notes due 2027, (ii) $19.3 million for the DRP Revolver and (iii) $1.1 million for the EB-5 Loan Agreement, offset by the full repayment of the Transtar Revolver in July 2023 for $50.0 million; and
Current wording
•an increase in interest expense of $5.5 million primarily due to an increase in the average outstanding debt of approximately $168.7 million which consists of (i) $84.3 million for the Senior Notes due 2027, (ii) $19.3 million for the DRP Revolver and (iii) $115.1 million for the 2024 Bonds as well as the Barclay’s loan, offset by the full repayment of the Transtar Revolver in July 2023 for $50.0 million;
Previous wording
•an increase of $2.1 million in Other income due to interest income from increased loan balance on the loan agreement between the Company and Long Ridge Energy & Power LLC.
Current wording
•an increase of $5.6 million in Other income due to interest income from increased loan balance on the loan agreement between the Company and Long Ridge Energy & Power LLC.
Previous wording
(1) Includes the following item for the three months ended March 31, 2023: Railroad severance expense of $1,288.
Current wording
(1) Includes the following item for the three and six months ended June 30, 2023: Railroad severance expense of $51 and $1,339, respectively.
Previous wording
(2) Includes the following items for the three months ended March 31, 2024 and 2023: (i) equity-based compensation of $1 and $1, (ii) provision for income taxes of $4 and $1, (iii) interest expense of $— and $2, (iv) depreciation and amortization expense of $18 and $10, (v) interest and other costs on pension and OPEB liabilities of $2 and $1 and (vi) other non-recurring items of $— and $3, respectively.
Current wording
(2) Includes the following items for the three months ended June 30, 2024 and 2023: (i) equity-based compensation of $1 and $—, (ii) provision for income taxes of $3 and $—, (iii) interest expense of $1 and $3, (iv) depreciation and amortization expense of $16 and $12, (v) acquisition and transaction expense of $1 and $—, (vi) interest and other costs on pension and OPEB liabilities of $— and $1 and (vii) asset impairment of $— and $2, respectively. Includes the following items for the six months ended June 30, 2024 and 2023: (i) equity-based compensation of $2 and $1, (ii) provision for income taxes of $7 and $1, (iii) interest expense of $1 and $5, (iv) depreciation and amortization expense of $34 and $22, (v) acquisition and transaction expense of $1 and $—, (vi) interest and other costs on pension and OPEB liabilities of $2 and $2, (vii) asset impairment of $— and $2 and (viii) other non-recurring items of $— and $3, respectively.
Previous wording
Total revenues increased $5.3 million during the three months ended March 31, 2024 primarily due to both an increase in carloads and rates per car.
Current wording
Total revenues increased $3.1 million and $8.4 million during the three and six months ended June 30, 2024, respectively, primarily due to both an increase in carloads and rates per car.
Previous wording
Total other expense decreased $0.9 million during the three months ended March 31, 2024, which primarily reflects a decrease in interest expense related to the revolver entered into in the fourth quarter of 2022 and paid off in the third quarter of 2023.
Current wording
Total other income increased $1.8 million and $2.8 million during the three and six months ended June 30, 2024, respectively, which primarily reflects a decrease in interest expense related to the revolver entered into in the fourth quarter of 2022 and paid off in the third quarter of 2023, and decrease in other expense related to pension and OPEB benefits due to favorable adjustments.
Previous wording
Adjusted EBITDA increased $4.5 million during the three months ended March 31, 2024 primarily due to the activity noted above.
Current wording
Adjusted EBITDA increased $1.8 million and $6.3 million during the three and six months ended June 30, 2024, respectively, primarily due to the activity noted above.
Previous wording
•an increase in depreciation and amortization of $0.5 million due to additional assets being placed into service.
Current wording
•an increase in depreciation and amortization of $0.2 million due to additional assets being placed into service.
Previous wording
Adjusted EBITDA increased $5.3 million during the three months ended March 31, 2024 primarily due to the changes noted above.
Current wording
Total expenses increased $5.3 million during the six months ended June 30, 2024 which primarily reflects:
Previous wording
Depreciation and amortization increased $0.4 million primarily due to additional assets placed in service in the Jefferson Terminal segment.
Current wording
•an increase in depreciation and amortization of $0.6 million due to additional assets being placed into service.
Previous wording
Total other expense increased $0.3 million during the three months ended March 31, 2024, which primarily reflects an increase in interest expense of $1.4 million due to a reduction in capitalized interest, partially offset by a benefit of $1.1 million from the decrease in prior period losses related to the termination of a pipeline contract.
Current wording
Total other expense increased $9.6 million during the six months ended June 30, 2024 which primarily reflects a $9.2 million loss on modification or extinguishment of debt, an increase in interest expense of $4.6 million related to additional borrowings during the quarter and a $0.7 million gain on sale of land recognized in the prior year, partially offset by a $3.5 million gain from the grant of a pipeline easement and a $1.1 million benefit from the decrease in prior period losses related to the termination of a pipeline contract.
Previous wording
(1) Includes the following items for the three months ended March 31, 2024 and 2023: (i) equity-based compensation of $18 and $7, (ii) (benefit from) provision for income taxes of $(8) and $6, (iii) interest expense of $9 and $32, (iv) depreciation and amortization expense of $149 and $122 and (v) changes in fair value of non-hedge derivative instruments of $— and $61, respectively.
Current wording
(1) Includes the following items for the three months ended June 30, 2024 and 2023: (i) equity-based compensation of $8 and $5, (ii) (benefit from) provision for income taxes of $(2) and $—, (iii) interest expense of $15 and $33 and (iv) depreciation and amortization expense of $152 and $124, respectively. Includes the following items for the six months ended June 30, 2024 and 2023: (i) equity-based compensation of $26 and $12, (ii) (benefit from) provision for income taxes of $(10) and $6, (iii) interest expense of $24 and $65, (iv) depreciation and amortization expense of $301 and $246 and (v) changes in fair value of non-hedge derivative instruments of $— and $61, respectively.
Previous wording
Total revenue increased $5.5 million during the three months ended March 31, 2024 primarily due to (i) the commencement of a butane throughput contract at Repauno in April 2023, as well as (ii) losses in the prior year related to the sale of butane inventory as the terminal prepared for the new throughput contract.
Current wording
Total revenue did not change significantly during the three months ended June 30, 2024. Total revenue increased $5.4 million during the six months ended June 30, 2024 primarily due to (i) the commencement of a butane throughput contract in April 2023, as well as (ii) losses in the prior year related to the sale of butane inventory as the terminal prepared for the new throughput contract.
Previous wording
Total expenses increased $1.4 million during the three months ended March 31, 2024, which primarily reflects higher operating expenses due to costs associated with stock-based compensation, and an increase in labor costs and professional fees related to the continued development of the site.
Current wording
Total expenses did not change significantly during the three months ended June 30, 2024. Total expenses increased $1.5 million during the six months ended June 30, 2024 which primarily reflects higher operating expenses due to costs associated with stock-based compensation, and an increase in labor costs and professional fees related to the continued development of the site.
Previous wording
Total other expense decreased $0.4 million during the three months ended March 31, 2024, which reflects an increase in capitalized interest, partially offset by an increase in interest expense due to an increase in the borrowing amount on the revolver, amended in December 2023.
Current wording
Total other expense decreased $0.4 million and $0.8 million during the three and six months ended June 30, 2024, respectively, which reflects an increase in capitalized interest, partially offset by an increase in interest expense due to an increase in the borrowing amount on the revolver, amended in December 2023.
Previous wording
Total expenses increased $0.2 million during the three months ended March 31, 2024, which primarily relates to an increase in professional fees.
Current wording
Total expenses increased $0.5 million and $0.8 million during the three and six months ended June 30, 2024, respectively, which primarily relates to an increase in professional fees.
Previous wording
•an increase in equity in losses of unconsolidated entities of $14.8 million, primarily due to decrease in unrealized gains on power swaps at Long Ridge; partially offset by
Current wording
•an increase in equity in losses of unconsolidated entities of $9.0 million, primarily due to decrease in unrealized gains on power swaps at Long Ridge; partially offset by
Previous wording
•an increase in other income of $1.1 million due to interest income from an increased loan balance under the loan agreement between the Company and Long Ridge Energy & Power LLC.
Current wording
•an increase in other income of $1.2 million due to interest income from an increased loan balance under the loan agreement between the Company and Long Ridge Energy & Power LLC.
Previous wording
•an increase of $16.3 million in equity in losses of unconsolidated entities primarily due to a decrease in unrealized gains on power swaps at Long Ridge; partially offset by
Current wording
•an increase in equity in losses of unconsolidated entities of $23.8 million, primarily due to decrease in unrealized gains on power swaps at Long Ridge; partially offset by
Previous wording
Adjusted EBITDA decreased $0.9 million during the three months ended March 31, 2024 due to a decrease in the pro-rata share of adjusted EBITDA from unconsolidated entities of $1.7 million and the changes noted above.
Current wording
Adjusted EBITDA decreased $1.6 million and $2.5 million during the three and six months ended June 30, 2024, respectively, due to a decrease in the pro-rata share of adjusted EBITDA from unconsolidated entities of $2.6 million and $4.4 million, respectively, and the changes noted above.
Previous wording
Total other expense increased $1.4 million during the three months ended March 31, 2024, which reflects changes in equity in losses of unconsolidated entities primarily due to higher operating losses at GM-FTAI Holdco LLC.
Current wording
Total other expense increased $2.5 million and $3.9 million during the three and six months ended June 30, 2024, respectively, which reflects changes in equity in losses of unconsolidated entities primarily due to higher operating losses at GM-FTAI Holdco LLC.
Previous wording
•a decrease in depreciation and amortization expense of $0.2 million due to assets that became fully depreciated; partially offset by
Current wording
•a decrease in depreciation and amortization expense of $0.4 million due to assets that became fully depreciated; partially offset by
Previous wording
•an increase in general and administrative expenses of $1.7 million primarily due to higher professional fees; and
Current wording
•an increase in general and administrative expenses of $0.8 million primarily due to higher professional fees; and
Previous wording
Total other expense increased $4.3 million during the three months ended March 31, 2024, which primarily reflects an increase in interest expense due to the additional issuance of the Senior Notes due 2027 in July 2023.
Current wording
Total other expense increased $3.8 million and $8.1 million during the three and six months ended June 30, 2024, respectively, which primarily reflects an increase in interest expense due to the additional issuance of the Senior Notes due 2027 in July 2023.
Previous wording
We continue to evaluate and take action, as necessary, to preserve adequate liquidity and ensure that our business can continue to operate during these uncertain times. This includes limiting discretionary spending across the organization and re-prioritizing our capital projects.
Current wording
We believe we have sufficient liquidity to satisfy our cash needs; however, we continue to evaluate and take action, as necessary, to preserve adequate liquidity and ensure that our business can continue to operate during these uncertain times. This includes limiting discretionary spending across the organization and re-prioritizing our capital projects.
Showing the first 40 of 53 pairs. Open the source sections for the rest.
Rearranged current paragraphs (7)
Current report — wording carried from elsewhere
Roadside services revenue decreased $8.3 million primarily due to the decline of roadside services for FYX.
Current report — wording carried from elsewhere
Rail revenues increased $8.4 million primarily due to an increase in both carloads and rates per car in the Railroad segment.
Current report — wording carried from elsewhere
•an increase in interest expense of $9.9 million primarily due to an increase in the average outstanding debt of approximately $119.8 million which consists of (i) $92.5 million for the Senior Notes due 2027, (ii) $19.3 million for the DRP Revolver and (iii) $58.1 million for the 2024 Bonds as well as the Barclay’s loan, offset by the full repayment of the Transtar Revolver in July 2023 for $50.0 million;
Current report — wording carried from elsewhere
•an increase of $7.7 million in Other income due to interest income from increased loan balance on the loan agreement between the Company and Long Ridge Energy & Power LLC.
Current report — wording carried from elsewhere
The following table sets forth a reconciliation of net income (loss) attributable to stockholders to Adjusted EBITDA:
Current report — wording carried from elsewhere
•an increase in other income of $2.3 million due to interest income from an increased loan balance under the loan agreement between the Company and Long Ridge Energy & Power LLC.
Current report — wording carried from elsewhere
•a decrease in depreciation and amortization expense of $0.2 million due to assets that became fully depreciated; and
Rearranged previous paragraphs (2)
Previous report — wording carried elsewhere
(1) Includes the following items for the three months ended March 31, 2024 and 2023: (i) depreciation and amortization expense of $12,330 and $11,869 and (ii) capitalized contract costs amortization of $576 and $—.
Previous report — wording carried elsewhere
Adjusted EBITDA decreased $1.6 million during the three months ended March 31, 2024 primarily due to the changes noted above.